530 Park Avenue Condominium
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FOURTH AMENDMENT To CONDOMINIUM OFFERING PLAN 530 PARK AVENUE CONDOMINIUM 530 PARI( AVENUE NEW YORI(, NEW YORI( 10065 DATED: September 9, 2014 TABLE OF CONTENTS SECTION PAGE INTRODUCTION ........................................................................................................................... 1 1. UNSOLD RESIDENTIAL UNITS OF NEW SPONSOR II .................................................. 1 2. OFFER TO SELL SPONSOR UNITS AND NEW SPONSOR UNITS ................................ 1 3. CONDOMINruM BOARD .................................................................................................... 1 4. FINANCIAL STATEMENTS ................................................................................................ 2 5. CONDOMINIUM BUDGET .................................................................................................. 2 6. FINANCIAL DISCLOSURE OF SPONSOR ......................................................................... 2 7. FINANCIAL DISCLOSURE OF NEW SPONSOR............................................................... 3 8. COMBINATION OF CERTAIN SPONSOR UNITS BY SPONSOR ................................... 4 9. PRIOR PUBLIC OFFERINGS OF SPONSOR AND NEW SPONSOR ............................... 4 10. INCORPORATION OF PLAN ............................................................................................... 4 11. DEFINITIONS ........................................................................................................................ 4 12. NO MATERIAL CHANGES ................................................................................................. 5 EXIDBITS A - SCHEDULE A - OFFERING PRICES AND RELATED INFORMATION FOR SPONSOR UNITS B - SCHEDULE A - OFFERING PRICES AND RELATED INFORMATION FOR NEW SPONSOR UNITS C - FLOOR PLANS D - SCHEDULE OF PRIOR PUBLIC OFFERINGS 00026381.DOC FOURTH AMENDMENT TO CONDOMINIUM OFFERING PLAN INTRODUCTION This Fourth Atnendment Inodifies and supplements the tenns of the CondOlniniwn Offering Plan for the PreInises known as 530 Park Avenue Condominiunl ("CondOlninium") located at 5 30 Park Avenue, New York, New York 10065 ("Building") dated June 18,2012 ("Plan"), as previously aInended. The terms of this AmendInent are as follows: 1. UNSOLD RESIDENTIAL UNITS OF NEW SPONSOR II Sponsor shall acquire title to the two relnaining Unsold New Sponsor II Residential Units at the Building (Units 2E and 18B) from 530 Park Residential Holdings II LLC ("New Sponsor II") for the purpose of unit cOlnbinations (see paragraph #8). No other Unsold Residential Units have been retained by New Sponsor II. 2. OFFER TO SELL SPONSOR UNITS AND NEW SPONSOR UNITS (a) Sponsor and New Sponsor each hereby offer for sale their respective Units and at the offering prices set forth on "Schedule A, Offering Prices and Related Information" and on such other tenns set forth below. Annexed hereto as Exhibit "A" Offering Prices and Related hlformation for Sponsor Units Annexed hereto as Exhibit "B" Offering Prices and Related fufonnation for New Sponsor Units. 3. CONDOMINIUM BOARD The nle!nbers of the CondOlninium Board are as follows: Name: Title: Ross Flelning President TOlllLavin Vice President sエセーィ・ョ@ Passalacqua Secretary/Treasurer All of the melnbers of the CondOlniniUlu Board are affiliated with Sponsor and New Sponsor. These Sponsors control the CondOluiniulu Board. These Sponsors will relinquish control of the CondOlninimu Board upon tile earlier to occur of (i) the closing of title Witll purchasers under tile Plan to Units having at least 50% of tile aggregate COllllnOll futerest pertaining to all Units, or (ii) 5 years after the First Closing. Each oftile Inembers 00026381.00e 1 of the CondOlniniuln Board has an address c/o these Sponsors at 390 Park Avenue, 3rd Floor, New York, New York 10022. 4. FINANCIAL STATEMENTS The First Closing took place on Decetnber 16, 2013. Accordingly, the audited financial stateillents of the Condominium for the First Year of CondOlniniU111 Operation are not due at this tune. 5. CONDOMINIUM BUDGET The Condominiu111 contu1ues to operate under the Budget for the fIrst year of CondominiU111 operation set forth in the First Aillendillent to the Plan. 6. FINANCIAL DISCLOSURE OF SPONSOR The infonnation set forth herein is a required disclosure of all offering plans for buildings in which the sponsor or holders of unsold units own more than ten percent of the units, even if there has been no Inaterial change in the fmandal position of the sponsor or holders of unsold units and all payments are current. (a) Ownership of Unsold Residential Units Owned by Sponsor as of August 2014 i. As of August 2014, 19 Residential Units remained unsold (the "Unsold Residential Units"). ii. The aggregate monthly COl1ullon Charges payable by Sponsor to the Condominillin with respect to the Unsold Residential Units equals approxnnately $50,065. iii. The aggregate Inonthly rents received by Sponsor from tenants of Unsold Residential Units equals approximately $17,285. iv. The aggregate real estate taxes payable by Sponsor with respect to the Unsold Residential Units (if paid on a monthly basis) equal approximately $42,996. (b) Ownership of Non-Residential Units Owned by Sponsor as of August 2014 i. The aggregate monthly Con11llon Charges payable by Sponsor to the Condominiulll with respect to the Unsold Non-Residential Units equals approxiInately $6,301. ii. The aggregate nlonthly base rents received by Sponsor from tenants of Unsold Non- Residential Units equals approxhnately $13,867. iii. The aggregate real estate taxes payable by Sponsor with respect to the Unsold Non- Residential Units (if paid on a Inonthly basis) equal approxiInately $4,838. (c) Financial Obligations to the Condominium Sponsor has no fmancial obligations to the Condominium, other than the paYlnent of COlllillon charges, which will becOlne due within twelve (12) months frOln the Filing Date of this Alnendlnent. 00026381.DOC 2 (d) Financial Obligations to Lenders No Unsold Residential Units or Unsold Non-Residential Units of Sponsor are encumbered by a mortgage. (e) Payment of Sponsor Obligations Sponsor will fund its obligations to pay lnonthly COlll1non charges to the CondOlninium by lneans of (a) rents and other charges with respect to the Unsold Residential Units and Unsold Non-Residential Units owned by Sponsor; (b) net proceeds available frmll sales of Units owned by Sponsor; (c) internal cash flow; and (d) other sources. (t) Status of Financial Obligations Sponsor is current on all fmancial obligations to the Condominiuln. 7. FINANCIAL DISCLOSURE OF NEW SPONSOR The infonnation set forth herein is a required disclosure of all offering plans for buildings in which the sponsor or holders of unsold units own more than ten percent of the units, even if there has been no material change in the fmancial position of the New Sponsor or holders of unsold units and all payments are current. (a) Ownership of Unsold Residential Units Owned by New Sponsor as of August 2014 i. As of August 2014, 41 Residential Units relnained unsold (the "Unsold New Sponsor Residential Units"). ii. The aggregate lllonthly COlnn10n Charges payable by New Sponsor to the Condominium with respect to the Unsold New Sponsor Residential Units equals approximately $56,689. iii. The aggregate monthly rents received by New Sponsor from tenants of Unsold New Sponsor Residential Units equals approxunately $88,593. iv. The aggregate real estate taxes payable by New Sponsor with respect to the Unsold New Sponsor Residential Units (if paid on a monthly basis) equal approxunately $47,725. (b) Financial Obligations to the Condominium New Sponsor has no fmandal obligations to the CondOluu1iulU, other than the payment of common charges, which will become due within twelve (12) luonths from the Filing Date of this Alnendment. (e) Financial Obligations to Lenders New Sponsor has pledged the Unsold New Sponsor Residential Units owned by New Sponsor, as collateral for a loan ("Loan") with Manufacturers Traders and Trust COlnpany ("Lender"), having an office at 350 Park Avenue, New York, NY. The lnaterial tenns of the Loan are as follows: (a) Outstanding Balance: $33,398,418 (as of July 31, 2014). (b) Maturity Date: January 2,2019. (c) Interest Rate: Adjustable rate based on LIDOR. 00026381.DOC 3 (d) At the closing of the sale of each Unit, New Sponsor pays a release price to Lender and Lender delivers to New Sponsor a partial release of the lien of the loan for the Unit. (d) Payment of New Sponsor Obligations New Sponsor will fund its obligations to pay Inonthly COlmnon charges to the CondOlniniuln by nleans of ( a) rents and other charges with respect to the Unsold New Sponsor Residential Units; and (b) net proceeds available from sales of Units owned by New Sponsor; (c) internal cash flow; and (d) other sources. (e) Status of Financial Obligations New Sponsor is current on all fmancial obligations to the CondOlninimn and to the Lender. 8. COMBINATION OF CERTAIN SPONSOR UNITS BY SPONSOR (a) Sponsor has elected to combine the following Sponsor Units set forth below: Former Unit Designations New Unit Designations 2D and2E 2C 2H and 120 square feet of 2G 2H 2F and the remaining square feet of 2G 2F 180 and 654 square feet of 18E 18D 18G, 18J and the re1naining square feet of 18E 18F Annexed hereto as Exhibit セGcB@ are updated Floor Plans for Sponsor Units, which mnong other things, reflect the layouts for the new combined Sponsor Units set forth above and floor plan changes to other Sponsor Units. ill cOIlllection with